Gar purchased 1,000 shares of pat corporation common stock at $5 per share in year 1. on september 19, year 4, he received 1,000 stock rights entitling him to buy 250 additional shares of pat corporation common stock at $10 per share. on the day that the rights were issued, the fair market value of the stock was $12 per share ex-rights and that of the rights was $1 each. gar did not exercise the rights; he let them expire on november 28, year 4. what should be the loss that gar can report for year 4?